The Celsius Network has been making headlines a lot lately due to some unfortunate events. Now, the entity is in the spotlight again. Check out the following reports below.
Celsius co-founder addresses his equity
Accoridng to the latest reports, a Celsius Network co-founder has moved in court to declare the entirety of his equity stake in the company as “worthless.”
Cointelegraph notes that in a Monday document to the United States Bankruptcy Court, law firm Kirkland & Ellis LLP filed a declaration on behalf of Celsius Co-Founder Daniel Leon.
This was confirming his status as a substantial shareholder and declared that his 32,600 common shares were now considered worthless.
— David Adler (@DavidJAdler1991) September 5, 2022
The same online publication mentioned above notes that the embattled crypto lender filed for Chapter 11 bankruptcy in July, a month after halting withdrawals due to “extreme market conditions.”
BnkToTheFuture CEO Simon Dixon said in a Monday Twitter post that the declaration means that Celsius Network private equity shares are now “officially worthless.”
More than that, the co-founder wants to use them as a tax write-off.
I guess this is the official update that @CelsiusNetwork shares are officially worthless & the co-founder wants to use them as a tax write-off. At least shareholders understood the risks though it’s still painful for the community that invested in them. https://t.co/W9Q2GuCU9H
— Simon Dixon (Beware Impersonators) (@SimonDixonTwitt) September 6, 2022
A follower said: “So much of this is confusing and hard to keep up with for the regular person. Celsius still has some of by BTC and ETH. What are the current state of tings with regards to getting anything back? Do you have a current video on it? I appreciate all you have and continue to do. Thx!”
Stay tuned for more details about Celsius.